CMA Part 2 Exam Guide 2026–2027: CBQs, Fees, Blueprint, and Study Plan

CMA Part 2 Exam Guide for 2026–2027

CMA Part 2 is Strategic Financial Management, one of the two exams required for the Institute of Management Accountants’ Certified Management Accountant credential. For most English-language candidates, the next major fact is the format change: beginning with the September/October 2026 testing window, Part 2 has 100 multiple-choice questions followed by two case-based question sets, not essays.

The exam still lasts four hours, the content outline has not changed because of the new question format, and the passing score remains a scaled 360 out of 500. Candidates testing in mainland China, Taiwan (China), or Japan are the exception: IMA says those locations will continue to use essays for English and local-language exams.

This guide separates those official rules from study advice. Fees, dates, and policies below were checked against IMA and Prometric on July 30, 2026.

The 2026 Transition: Essays to Case-Based Questions

IMA introduced case-based questions, or CBQs, as an option in the May/June 2026 window. That was the final English-language window offering a choice between essays and CBQs.

The transition changes how you respond, not what you study. IMA says the Content Specification Outline, Learning Outcome Statements, exam length, credential, and difficulty remain unchanged.

Each CBQ begins with a business case of about 250 words. Its linked tasks can include drag-and-drop, fill-in-the-blank, select-from-a-list, and calculation questions. IMA awards points for correct answers, does not subtract points for wrong answers, and allows partial credit within the CBQ section.

Use IMA’s case-based-question transition page and the Prometric ICMA page to see the official format and simulator. Do not prepare from recalled live questions or assume that a third-party case reproduces the live exam.

CMA Part 2 at a Glance

You cannot return to the multiple-choice section after you finish it and enter the CBQ section. Treat the 50% MCQ gate as an access rule, not as your target score. Passing depends on total scaled performance across the exam.

A 360 is also not a raw 72%. IMA converts raw performance to a common scaled score so different exam forms can be compared. The current CMA Handbook is the controlling source for scoring and administration details.

Official Part 2 Content Weights

The current IMA Content Specification Outline, effective September 1, 2024, gives Part 2 these six areas:

Use those exact names. Older resources often shorten them to “Decision Analysis,” “Risk Management,” and “Investment Decisions.” The older labels may describe similar material, but they are not the current official domain titles.

IMA assigns every Part 2 topic to Level C, meaning candidates should be ready to apply, analyze, synthesize, and evaluate—not merely recall a definition. The official Learning Outcome Statements turn each domain into specific study objectives.

Financial Statement Analysis — 20%

Be able to connect a calculation to an interpretation. Ratio analysis, common-size and comparative statements, profitability, liquidity, leverage, earnings quality, and analytical limitations can appear in one scenario.

A useful review pattern is:

1. Calculate the requested measure.
2. Identify what changed.
3. Separate operating improvement from financing effects.
4. State one limitation before making a recommendation.

For example, the three-part DuPont relationship is:

Return on equity = Net profit margin × Total asset turnover × Equity multiplier

If ROE rises while margin and turnover remain unchanged, leverage—not operating performance—caused the increase.

Corporate Finance — 20%

This area connects risk, return, financing, liquidity, and capital structure. Learn the meaning of each input rather than memorizing a formula without context.

Core relationships include:

CAPM expected return = Risk-free rate + Beta × (Market return − Risk-free rate)

WACC = Equity weight × Cost of equity + Debt weight × After-tax cost of debt

Use market-value weights when the problem supplies market values, and apply the tax adjustment only to debt when the facts support interest deductibility.

Working-capital questions may connect operating decisions to liquidity:

Cash conversion cycle = Days inventory outstanding + Days sales outstanding − Days payables outstanding

A shorter cycle can free cash, but an extreme change may also signal stockouts, aggressive collection, or supplier strain. Answer the business question, not just the arithmetic.

Business Decision Analysis — 25%

This is the largest Part 2 domain. It includes cost-volume-profit analysis, marginal analysis, pricing, special orders, make-or-buy choices, product mix, and other short-run decisions.

Start every decision by identifying which future cash flows change. Sunk costs and unavoidable allocated fixed costs are not relevant merely because they appear in an accounting report.

Useful relationships include:

Contribution margin per unit = Selling price − Variable cost per unit

Break-even units = Total fixed costs ÷ Contribution margin per unit

For a special order with idle capacity, compare incremental revenue with incremental cost and any opportunity cost. If capacity is constrained, the contribution margin of displaced work becomes relevant.

Enterprise Risk Management — 10%

Know how organizations identify, assess, respond to, and monitor risk. A good answer links the risk response to the organization’s objectives and risk appetite rather than choosing a control in isolation.

For scenario practice, label the exposure first—strategic, operational, financial, compliance, or another relevant category—then ask whether the response avoids, reduces, shares, or accepts it. Be ready to explain residual risk after the response.

Capital Investment Decisions — 10%

Capital budgeting requires both calculation and judgment. Net present value measures value added in today’s dollars:

NPV = Present value of future cash flows − Initial investment

Include incremental after-tax cash flows, working-capital changes, and terminal effects when the question supplies them. For mutually exclusive projects, NPV is generally the stronger decision measure when NPV and IRR conflict, provided the cash-flow assumptions and discount rate are appropriate.

Professional Ethics — 15%

Study IMA’s principles and standards as a decision process. A scenario may ask you to identify a threat, apply competence, confidentiality, integrity, or credibility, and choose an appropriate escalation route.

Do not reduce ethics to “always report externally” or “always resign.” Read who is involved, follow the organization’s established policies when appropriate, avoid discussing confidential matters with unauthorized people, and obtain legal advice when rights or obligations are uncertain.

How the CBQ Section Changes Preparation

The CBQ section rewards the same technical knowledge as the former essay section, but the response mechanics are different. Replace long-form essay drills with short, linked tasks built around one case.

Use this five-step workflow:

1. Scan the tasks. Identify whether the case asks for calculations, classifications, selections, or an ordered sequence.
2. Read the case once for structure. Mark the decision, time period, units, and constraints.
3. Build a small fact table. Separate relevant numbers from descriptive background.
4. Answer every task. IMA does not deduct points for wrong answers, and CBQs can award partial credit.
5. Check units and rounding. A correct method can still produce the wrong entry if the response expects thousands, percentages, or a stated decimal format.

Practice the interface as well as the content. Drag-and-drop and select-from-a-list tasks test precision; numerical responses test setup, sign, units, and rounding. The official Prometric simulator is the best source for interface familiarity.

For the multiple-choice section, 100 questions in three hours is an average of 1.8 minutes per question. That is a planning average, not an IMA rule. Move past a question when the next step is unclear, then return if time permits. You still need to clear the MCQ gate before seeing the CBQs.

A Six-Week Part 2 Study Plan

This schedule is editorial guidance, not an official IMA study-hour requirement. Expand or compress it according to your diagnostic results and test date.

Keep an error log with five fields: domain, concept, error type, correct rule, and retest date. Separate knowledge gaps from setup errors, calculator errors, and time-pressure guesses. Retest a concept with a fresh question rather than memorizing the answer you missed.

A practical readiness check is not one attractive practice score. Look for repeatable results across mixed sets, the ability to explain why each distractor fails, and enough stamina to solve cases after the MCQ section.

Current Fees and Eligibility

IMA requires active membership, successful completion of both exam parts, an eligible bachelor’s degree or related professional certification, and two continuous years of qualifying management-accounting or financial-management experience. The experience may be completed before the exams or within seven years after passing them.

You may take Part 2 before Part 1, and you may sit for the exams before completing the education or experience requirements. You cannot use the CMA designation until all certification requirements are satisfied.

The IMA enrollment page currently lists:

These totals exclude review materials, taxes where applicable, rescheduling, travel, and retakes. Fees can change, so verify the amount shown in IMA’s checkout before paying.

Once you enter the CMA program, you have three years to pass both parts. If the deadline passes, previously passed parts expire and you must re-enter the program. The IMA FAQ and work-experience page explain the credential requirements.

Testing Windows, Registration, and Rescheduling

IMA offers exam windows in January/February, May/June, and September/October. For the remaining 2026 window, IMA lists:

• Testing dates: September 1 through October 31, 2026
• Registration deadline: October 15, 2026
• Standard format in most regions: 100 MCQs plus two CBQ sets

IMA had not posted exact 2027 appointment dates on the enrollment page when this guide was checked. Use the recurring three-window pattern for planning, then verify exact dates and deadlines in your IMA account before registering.

The registration sequence is:

1. Join IMA and enter the CMA program.
2. Register for Part 1 or Part 2 through IMA.
3. Receive the authorization information.
4. Schedule an in-person appointment with Prometric.

Remote testing is currently unavailable. Schedule early if location or day-of-week matters; IMA recommends at least four weeks in advance, and appointments must be scheduled at least 72 hours before the exam.

Current rescheduling rules are:

Canceling with Prometric does not by itself move a registration to a different testing window. The handbook describes a separate IMA transfer request, deadline, and fee. Review the live IMA and Prometric policies before changing an appointment.

Test-Day Checklist

The current handbook says to arrive at least 30 minutes early. Late arrival can lead to denied admission and loss of the exam fee.

Bring an original, unexpired identification document that meets the handbook’s name, photo, and signature rules. The handbook permits one qualifying primary ID or two qualifying secondary IDs; read the examples before test day rather than assuming any two IDs will work.

IMA permits either a simple, nonprogrammable calculator with no more than six functions or one approved financial calculator: Texas Instruments BA II Plus, Hewlett-Packard 10bII+, HP 12c, or HP 12c Platinum. Only one calculator may be used. Verify the current handbook if your model name differs.

Personal notes, formula sheets, and study materials are not permitted. Practice with the same approved calculator and the Prometric interface so neither is new on exam day.

Scoring and Retakes

IMA reports each part on a 0–500 scaled-score range, with 360 required to pass. IMA exam-structure materials describe the MCQ section as approximately 75% of the score and the former essay section as approximately 25%. IMA’s transition page says CBQs retain the same weight as essays.

To reach the second section, you must earn at least 50% of the available MCQ points. Once you enter it, you cannot return to the MCQs. Because wrong CBQ answers do not subtract points and partial credit is available, submit a response to every task.

If you do not pass, IMA says Prometric emails a performance report about 14 days after the result appears in your profile. You may take a part only once per testing window, and every retake requires a new registration and exam fee.

Maintaining the CMA Credential

After certification, maintain active IMA membership, pay the $30 annual CMA maintenance fee, and complete 30 hours of continuing professional education each year, including two ethics hours. Check IMA’s maintenance page for reporting rules and qualifying activities.

The exam is the testing milestone, not the end of the credential. Budget for renewal and build CPE into your annual professional-development plan.

Final Preparation Checklist

Before scheduling, confirm:

• your testing region uses CBQs or the regional essay exception;
• your IMA program deadline leaves time for both parts;
• your name matches the acceptable identification;
• your appointment is in the intended testing window;
• your calculator is permitted;
• your study plan uses the current CSO and LOS;
• your practice includes timed MCQs and official-interface CBQ rehearsal.

free CMA Part 2 practice questionsPractice questions with detailed explanations

Official Sources

• IMA case-based-question transition
• CMA Handbook, March 25, 2026
• IMA Content Specification Outline
• IMA Learning Outcome Statements
• IMA enrollment, dates, and fees
• IMA CMA FAQ
• Prometric ICMA scheduling and simulator
• IMA exam-structure webinar materials